Insolvency and individual voluntary arrangements (IVAs) can be a solution for some people who are looking to get out of debt, a spokesperson at a financial information provider said today.
However, people should be sure to inform themselves about all of the facts when choosing such a path, according to Experian consumer affairs manager James Jones.
He indicated that an increasing number of consumers have been choosing insolvency.
The Insolvency Service reports that there were almost 30,000 individual insolvencies in England and Wales in the last three months of 2006.
This is a rise of 7.1 per cent from the previous quarter to total 107,288 for all of last year.
Mr Jones added: "Bankruptcy and IVAs shouldn`t be seen as an easy way out of debt, because there are obviously serious implications. But, of course, that is the right solution for some people."
